Takeover

Several Twitter users who are irked by Elon Musk’s acquisition of the microblogging platform are now switching to other social networks with a similar pedigree. A case in point is Mastodon, which has seen over 30,000 new user signups in a single day, according to its chief executive Eugen Rochko. The sudden influx of new users has also slowed down the servers for this nondescript social network. “Mastodon social is being slow right now, as far as I can tell because there are twice as…

Elon Musk sold around $8.4 billion worth of his shares in Tesla this week as he seeks to line up the money to buy Twitter, according to filings with the US Securities and Exchange Commission. But the billionaire claims he won’t sell any more Tesla stock “after today.” Musk sold the bulk of his shares on Tuesday and Wednesday, offloading 4.4 million shares, the filings show. He sold another 5.2 million shares on Thursday, after which he tweeted, “No further TSLA sales planned after today.” Tesla’s share price plummeted…

It’s official. Twitter has been acquired by Elon Musk. But if you’re asking yourself how we got here and wondering how this all started, you’re at the right place. The timeline below outlines all the main bullet points you need to know to make sense of this social media Succession-like situation. Getty Images/Digital Trends Graphic Musk begins buying up Twitter shares in batches “almost daily” January 31, 2022: While this story seems to have started in April, its beginnings really are rooted in January of this year.…

India's top retailer, Reliance, has privately defended an abrupt takeover of the stores of debt-laden rival Future Retail, saying mounting dues of $634 million (roughly Rs. 4,800 crore) compelled it to act beyond expectations, a company letter shows.The takeover was part of the race to dominate a $900-billion (roughly Rs. 68,11,875 crore) retail sector that set off a bitter dispute in which India's Supreme Court will decide whether Reliance or Amazon.com gets to scoop up Future's assets.The March 8 letter, seen by…

Even if Elon Musk could reinstate former President Donald Trump’s Twitter account, Trump will not be returning to the platform — at least that’s what he told Fox News on Monday. Rather than tweeting from his formerly favored platform, Trump assured Fox that he would officially start posting “truths” to his new social media app, Truth Social, over the next few days. “I am not going on Twitter, I am going to stay on TRUTH,” Trump told Fox News on Monday. “I hope Elon buys Twitter because he’ll make improvements to it…

Elon Musk has made a “best and final” offer to buy Twitter, saying the company has extraordinary potential and he will unlock it.The world's richest man will pay $54.20 (roughly Rs. 4,120) per share in cash, representing a 54 percent premium over the January 28. closing price and a value of about $43 billion (roughly Rs. 327421.35 crore). The social media company's shares soared 18 percent in pre-market trading.Musk, 50, announced the offer in a filing with the US Securities and Exchange Commission on Thursday. The…

Elon Musk took the world by surprise with his proposal to buy Twitter. The Tesla boss has offered to acquire the social media platform for a whopping sum of $43 billion (roughly Rs. 3,28,080 crore) in an all-cash deal. Musk is one of Twitter's largest shareholder, with a stake of 9.2 percent. People have flooded the microblogging platform with reactions that range from grave concern to funny memes about the social media platform's fate. Musk's offer of $54.20 (roughly Rs. 4,150) per share is a premium of 18 percent …

Twitter adopted a 'poison pill' on Friday to limit Elon Musk's ability to raise his stake in the social media platform, as a buyout firm emerged to challenge his $43 billion (roughly Rs. 3,28,250 crore) bid for the company.Thoma Bravo, a technology-focused private equity firm that had more than $103 billion (roughly Rs. 7,86,250 crore) in assets under management as of the end of December, has informed Twitter that it is exploring the possibility of putting together a bid, people familiar with the matter said.It is not…

Twitter is trying to thwart billionaire Elon Musk's takeover attempt with a “poison pill" — a financial device that companies have been wielding against unwelcome suitors for decades.What are poison pills supposed to do?The ingredients of each poison pill vary, but they're all designed to give corporate boards an option to flood the market with so much newly created stock that a takeover becomes prohibitively expensive. The strategy was popularized back in the 1980s when publicly held companies were being stalked by…